As an organizational unit within The US Department of Housing and Urban Development (HUD), The Federal Housing Administration (FHA) exists to insure approved lenders against the risk of loss on loan defaults. In the event of a default on a FHA insured loan the lender acquires the property by foreclosure and then submits a claim to the FHA. In order to indemnify FHA funds as well as to promote and preserve communities, the property is conveyed to HUD for marketing purposes and eventual sale.
HomeSource works directly with HUD as part of this marketing and management program. HomeSource markets and manages these residential properties for HUD in Maryland and The District of Columbia. Along with HUD’s goals to protect the value of each property, HomeSource works to make these homes readily available for resale thus creating more homeownership opportunities in theses areas.
Properties for sale are posted weekly. To view HUD owned properties currently for sale (click here). Individuals who would like to purchase HUD owned properties must use the services of a “certified” real estate professional in order to submit an “electronic bid”. HomeSource has information posted on our website for real estate professionals on how to become “certified” to sell HUD owned homes. If you are a real estate professional and would like get information on becoming “certified” please (click here) for more information.
Properties are available for purchase first to individuals who will occupy them as their principal residence; we refer to those individuals as Owner Occupant Purchasers. These individuals will have the first opportunity to submit “electronic bids” to purchase the HUD owned properties offered for sale on the HomeSource website. These properties are first offered to the public during a 10 day “auction” period. This means that all “electronic bids”, submitted by Owner Occupant Purchasers, received during the first 10 days the property appears on the website are considered timely. The “electronic bids” are then opened and the “winning bidder(s)” are then posted to the website.
If a property did not receive an acceptable “electronic bid” during the first 10 days that it is offered for sale, investor purchasers may then submit an “electronic bid” for consideration.
